爱奇艺：Membership and ad businesses remain under pressure; eye on short-drama development

iQIYI (IQ US) Membership and ad businesses remain under pressure; eye on short-drama development We expect iQiyi's 4Q24E total revenue to decline by 14% YoY to RMB6.6bn, largely in line with our previous expectation and consensus. The decrease was primarily due to the light content slate in Oct 2024 and the decline in revenue from barter transactions (minor impact on gross profit); but overall content performance started to recover after the launch of several key dramas like Wo Shi Xing Jing in Nov. We fore ...